Scammers Exploit Social Media Platforms for Crypto Scams
Scammers are shifting their tactics and using popular social media platforms like Instagram, TikTok, and Twitter to carry out cryptocurrency scams. In the past, they relied on text messages and Twitter posts, but now they are creating deepfake videos featuring famous individuals such as Elon Musk and Vitalik Buterin.
Modus Operandi of TikTok Scammers
On TikTok, users come across deepfake videos where Elon Musk talks about a new cryptocurrency or exchange. Curiosity or greed leads them to click on the provided link without verifying if it’s a genuine endorsement from Musk.
Crypto Scams on Twitter
Scammers are not limited to TikTok; they also operate on other platforms like Twitter. A simple search for “crypto giveaway” reveals numerous phishing tweets attempting to steal users’ funds through fake giveaways. Bots are used to tag users and attract their attention to these fraudulent posts.
Incidences of Scams
A recent incident involved scammers hacking Ethereum co-founder Vitalik Buterin’s Twitter account and posting a link promising free non-fungible tokens (NFTs). Users who clicked on the link lost their NFTs. Additionally, a crypto whale lost $24 million in a wallet approval phishing scam.
Protecting Yourself from Crypto Scams
To stay safe, it is advised to avoid engaging with social media content that promises airdrops, free cryptocurrencies, NFT giveaways, or whitelist access. Be cautious and skeptical of any too-good-to-be-true offers.
Hot Take: Beware of Crypto Scammers on Social Media
Crypto scammers are becoming increasingly sophisticated and are now exploiting popular social media platforms to trick unsuspecting users. They use deepfake videos and phishing tweets to lure victims into fake giveaways or steal their funds. It is crucial to exercise caution and skepticism when encountering cryptocurrency-related content on platforms like TikTok and Twitter. Always verify the authenticity of endorsements and avoid engaging with offers that seem too good to be true. By staying vigilant, you can protect yourself from falling victim to these scams.
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